Meticulous Research® – leading global market research company published a research report titled “Hospital/Medical Beds Market by Product (Beds, Accessories), Area of Use (Critical, Bariatric, Med Surg, Pediatric, Maternal), Technology (Powered, Manual), Type of Care (Curative, Long Term), and End User (Hospital, Homecare, Elderly)-Global Forecast to 2023”.
According to this latest publication from Meticulous Research®, the global hospital/medical beds market is expected to grow at a CAGR of 4.8% from 2018 to reach USD 3.14 billion by 2023. The growth of this market will be driven by factors such as increasing elderly population coupled with growing prevalence of chronic diseases, growing number of hospitals, and launch of technologically advanced beds. Moreover, emergence of smart beds and robotic beds, growing demand for beds in home care settings, growing demand from developing economies, and growing medical tourism further supports the growth of this market. However, rising preference to minimally invasive surgeries (eliminating necessity of longer hospital stays) and decreasing number of beds in public hospitals hinders the growth of this market to some extent.
The global hospital/medical beds market study presents historical market data in terms of values (2016 and 2017), estimated current data (2018), and forecasts for 2023-by product (beds, accessories), by area of use (critical care, long-term care, bariatric care, med-surg, homecare, pediatric, and maternal), by type of care (curative care, rehabilitative care, long-term care), by technology (manual, powered), by end user (hospitals, elderly care settings, homecare, and others), and geography. The study also evaluates industry competitors and analyzes the market at regional and country level.
On the basis of product, beds commanded the largest share of global hospital/medical beds market in 2017. However, accessories are expected to witness a rapid growth during the forecast period mainly due to growing demand for custom accessories such as extensions, side rails, and side trays.
On the basis of area of use, the critical care segment commanded the largest share of global hospital/medical beds market in 2017. The large share is attributed to greater hospital admissions due to chronic illness and accidental injuries, and high dollar value of beds used in critical care. However, homecare segment is expected to witness a rapid growth during the forecast period mainly due to growing preference of geriatric population towards homecare as an affordable and convenient way of healthcare.
On the basis of type of care, curative care commanded the largest share of global hospital/medical beds market in 2017 due to growing inpatient population at healthcare facilities across the globe resulting out of old age, chronic and infectious diseases, and physical injuries. However, long-term care market is expected to witness a rapid growth during the forecast period. The growth in this market is mainly attributed to increasing aging population requiring long-term care and favorable regulatory reforms and reimbursement policies favoring adoption of long-term care.
On the basis of technology, powered beds commanded the largest share of global medical/hospital beds market in 2017 and are expected to witness a rapid growth during the forecast period. This is mainly due to various features such as position adjustment, presence of monitoring sensors, and fall detection – offering greater patient safety as well as improved caregiver performance by reducing repetitive strain injuries (RSI).
On the basis of end-user, hospitals commanded the largest share of global medical/hospital beds market in 2017. This is attributed to growing healthcare expenditure across the globe, and increasing prevalence of various acute and chronic diseases resulting in greater admission rate in hospitals.
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This research report analyzes major geographies and provides comprehensive analysis of North America (U.S., Canada), Europe (Russia, France, U.K., Germany, Italy, Spain, and RoE), Asia-Pacific (India, China, Japan, and RoAPAC), Latin America (Mexico, Brazil, Argentina, Colombia, Chile, Peru, and RoLATAM), and Middle East & Africa. Europe commanded the largest share of the global medical/hospital beds market in 2017, followed by North America, Asia-Pacific, Latin America, and Middle East & Africa. The large share of this region is mainly attributed to the factors such as presence of large number of hospitals, growing aging population, and relatively greater access to healthcare. However, Asia-Pacific will be the fastest growing regional market due to accelerated economic growth of many countries in this region and growing government focus on healthcare sector. In addition, government initiatives towards the development of healthcare facilities and increasing number of hospitals are the key factors propelling the growth of the Asia-Pacific medical/hospital beds market.
The major players operating in the global medical/hospital beds market are Stryker Corporation, Hill-Rom Holding, Inc., Invacare Corporation, Getinge AB, Paramount Bed Holdings Co., Ltd., Medline Industries, Inc., Joh. Stiegelmeyer GmBH & Co. KG, Gendron, Inc., LINET Group SE, Joerns Healthcare LLC., Span-America Medical Systems, Inc., Savion Industries, and Malvestio Spa among others.
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